B.Riley FBR Maintains Their Buy Rating on Cedar Fair

In a report released today, Barton Crockett from B.Riley FBR maintained a Buy rating on Cedar Fair (NYSE: FUN), with a price target of $79. The company’s shares closed yesterday at $67.34.

Crockett said:

“After a tough 2017 that saw EBITDA for Cedar Fair dip $2 million Y/Y to $479 million and included two misses versus guidance (missing a $500 million target entering the year, and a $480 million to $490 million target as recently as the Nov. 2 3Q17 earnings call), we continue to see Cedar Fair as an appealing combination of growth and yield and we retain our Buy rating and $79 PT. 2017 was flattened by sub-par weather. This should normalize, and a return to past trends of 4% EBITDA growth looks quite reasonable and appealing for a stock indicating a yield of nearly 5.5%, and operating as a leader in theme park industry that is secularly well positioned. For more on the quarter, please see ” 4Q17 React — Slightly Light — Reiterate Buy, $79 PT.”.”

According to TipRanks.com, Crockett is a 4-star analyst with an average return of 6.2% and a 60.7% success rate. Crockett covers the Services sector, focusing on stocks such as Liberty Media Corporation Series A Liberty SiriusXM Common Stock, Lions Gate Ent Corp Cl A, and Cinemark Holdings Inc.

Currently, the analyst consensus on Cedar Fair is Moderate Buy and the average price target is $78, representing a 15.8% upside.

In a report released yesterday, KeyBanc also reiterated a Buy rating on the stock with a $77 price target.

The company has a one-year high of $72.56 and a one-year low of $59.66. Currently, Cedar Fair has an average volume of 110.2K.

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